1. What amount of permanent difference between book income and taxable income existed at year end?a. 520,000b. 360,000c. 800,000d. 280,0002. What amount of current tax expense should be reported? a. 786,000b. 510,000c. 750,000d. 678,0003. What amount of income tax payable should be reported?a. 498,000b. 606,000c. 330,000d. 570,0004. What amount of total tax expense should be reported?a. 714,000b. 726,000c. 642,000d. 594,000 Pecorino Company had pretax financial income of P2,500,000 in the current year.The entity made corporate estimated tax payment in the amount of 180,000during the current year.To compute the provision for income tax, the following information was provided:Interest income received360,000Tax depreciation in excess of financial statement amount160,000Rent received in advance280,000Corporate tax rate30%

As per our protocol we provide solution to one question only but you have asked multiple questions…

Answered: 1. What amount of permanent difference…

1. What amount of permanent difference between book income and taxable income existed at year end? a. 520,000 b. 360,000 c. 800,000 d. 280,000

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 24CE

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Question

1. What amount of permanent difference between book income and taxable income existed at year end?
a. 520,000
b. 360,000
c. 800,000
d. 280,000

2. What amount of current tax expense should be reported?
a. 786,000
b. 510,000
c. 750,000
d. 678,000

3. What amount of income tax payable should be reported?
a. 498,000
b. 606,000
c. 330,000
d. 570,000

4. What amount of total tax expense should be reported?
a. 714,000
b. 726,000
c. 642,000
d. 594,000